Decision Maker: Cabinet
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: No
To present the 2020/21 forecast outturn position as at the 31 December 2020 for revenue expenditure and income against working budgets. It also presents the funding position resulting from Covid-19 and the rebased budget taking account of the implications that are currently known.
1. The significant financial implications that Covid-19 is having on the council, including the current estimated cost of £5.52M in 2020/21 which has been covered so far by £5.36M of funding received or allocated from Government, as detailed in section 5 of the report;
2. The likely ongoing financial implications of Covid-19 on the Medium-Term Financial Strategy in future years;
3. Lobbying Government for further funding continues both directly and through other associations and societies;
4. The 2020/21 budget has been rebased as outlined in the quarter one report and approved by Council in October 2020;
5. A favourable forecast variance of £4.16M against the rebased budget for 2020/21. Details of the significant variances can be seen in section 6 of the report;
6. The 2020/21 savings position is as detailed in section 7 of the report;
7. Budget virements amounting to £3.83M were processed in quarter three, as summarised in section 8 of the report; and
8. The ongoing risks associated with the revenue forecasts are as detailed in section 9 of the report.
Recommend to Council to approve:
9. A contribution to the Manydown Housing Reserve of £0.42M to be released in 2021/22 and future years to provide provision for further activities that maybe required in bringing the land into use at Manydown South, any activities in relation to J7 and to support activities in relation to a new Hospital provision;
10.The transfer of £0.54M back into the MTFS Risk Reserve in 2020/21 to be utilised in 2021/22 in relation to the slippage on the Manydown Capacity funding activity as detailed in paragraphs 5.56 to 5.58 of the report;
11.A contribution to the Climate Change Reserve of £1.00M to be released in 2021/22 and future years to provide further provision of funding to support the Climate Change agenda; and
12.The creation of an Economic Recovery Fund Reserve of £1.00M to be released in 2021/22 and future years to support the Economic Recovery Framework action plan. Approval is also sought to delegate authority to the Executive Director of Borough Development, in consultation with the Executive Director of Corporate Services (S151 Officer) and the Leader of the Council (the portfolio holder) to agree the Economic Recovery Fund spending plan.
No other options have been considered.
Report author: Suzanne Jones
Publication date: 10/03/2021
Date of decision: 09/03/2021
Decided at meeting: 09/03/2021 - Cabinet